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《大行報告》瑞信降信行(00998.HK)評級至「中性」 降建行(00939.HK)、工行(01398.HK)及農行(01288.HK)盈測反映宏觀勢頭放緩
瑞信發表研究報告,將中信銀行(00998.HK)今年每股盈利預測下調2.7%,以反映宏觀環境挑戰,預期由於需求疲軟,淨息差會在未來幾個季度持續下滑,維持貸款量預測不變,但認爲要達到最佳結構存在一定難度,同時淨利息收入今年可能錄得按年下跌,並將拖累收入。 該行指出,如果LPR下調、內地房貸利率下行或推出轉按產品,都將導致淨息差可能有下跌風險。瑞信預期資產質量改善可有助穩定信行盈利表現,但由於收入增長緩慢,因此將中信銀行評級由「跑贏大市」降至「中性」,目標價由4元升至4.35元。 瑞信認爲短期內不確定的宏觀形勢可能會給內地銀行業帶來阻力,現時行業可見度不高,政策效果有待檢驗,對銀行業保持謹慎。 瑞信並將建行(00939.HK)今明兩年每股盈利預測下調0.5及1.6%,維持「跑贏大市」及目標價6.9元。該行將工行(01398.HK)及農行(01288.HK)今年每股盈利預測各下調4.8%及2%,同樣反映宏觀經濟放緩因素,同樣維持「跑贏大市」評級,目標價分別爲5.5元及3.8元。
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